Re: MBNA offered settlement

Posted by MomOfTriplets! (66.136.176.227) on February 16, 2004 at 07:28:23:

In Reply to: Re: MBNA offered settlement posted by catballou on February 15, 2004 at 00:17:08:

I settled with MBNA for about 43%. It is not all too uncommon. If you have the funds, they will settle and even take paymement plans on it, but do get it in writing and tell them you want the letter to say that they will accept the amount in FULL and you will not be responsible for the remainder of the debt. Make sure you can keep your payments, if it goes that way! They WILL also state they will give you a 1099C at the beginning of the next tax year and you will be responsible for any taxes due on the "cancelled debt" at that time! You just have to demand what you want and let them hang a while to decide. I can't remember the name of the man I talked with, but they were very quick to settle with me on what I HAD to settle with (about 2-weeks of avoiding phone calls) and viewing my credit report that others were not being paid either, they were very fast to write up my contract. I just received my 1099C 2 weeks ago (from all 3 settle companies) and what a relief! If you can do it, go for it. Especially if you are current on all other things in your credit file. If they see you are paying others, they may give you a stink later and the offer might not be so great. I will update my original post asking for the 1099C forms I need to file, see my post below for more info! Thanks a lot! Cookie

Follow Ups:

Post a Followup